20 August 2017
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Indirect Tax GST 002007

  • Govt extends deadline for filing GST returns for some businesses
    Aug 19, 2017
    The government on Thursday extended the deadline for businesses to file their goods and services tax (GST) returns for July, the first month since implementation of the indirect tax, in cases where credit for taxes paid under the previous indirect tax system is being claimed.A statement issued by the Central Board of Excise and Customs (CBEC) said that the extension till 28 August applies only to filing of returns where credit is being claimed, and not for remitting the applicable tax amount for July, the deadline for which remains 20 August.Even those availing of the extended deadline for filing returns have to calculate their tax liability after adjusting for the applicable tax credit and make payment by 20 August. Any shortfall will attract 18% interest. For taxpayers, who do not want to claim credit for taxes paid under the previous regime to settle their GST liability, the deadline for filing returns remains 20 August, the statement said.
  • GST Return Filing: How to handle discounts and additional cost
    Aug 19, 2017
    One of the sea changes brought about by the GST era is the way we determine the value of goods and services. As a business, one needs to be aware of the changes in the valuation method and also how to go about valuation in some special cases, for e.g. additional charges / discounts, branch transfers (which are taxable under GST) and when a supply is made with money not being the consideration.
  • Big relief for taxpayers, GST deadline to file returns extended by CBEC to August 28
    Aug 18, 2017
    In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns for July by a week to August 28. However, these taxpayers will have to settle their tax liability by the earlier deadline of August 20.The deadline for filing returns will continue to be August 20 for assessees who do not opt to claim ITC in July for goods bought before the GST roll-out.
  • GST relief for industrial units in Himalayan, N-E region
    Aug 17, 2017
    As many as 4,284 industrial units in the North East and Himalayan States will get GST relief in the form of refund of Central share of CGST and iGST.The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its nod for a new scheme to refund the Central share of Central GST (CGST) and integratedGST (iGST) to these units in lieu of the excise exemption lost due to the onset of goods and services tax (GST) and scrapping of excise laws from July 1 this year.A budgetary support of ?27,413 crore for this scheme has been approved for the period from July 1, 2017 till March 31, 2027, Finance Minister Arun Jaitley told reporters here after a Cabinet meeting. He said the Department of Industrial Policy & Promotion (DIPP) will notify the scheme, including detailed operational guidelines for implementation within six weeks.
  • Here's how a missing column in GST return form is creating trouble for India Inc
    Aug 17, 2017
    A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply deduct the dues before the GST kicked in on July 1 and pay a smaller net amount. The absence of a column in the new GST form for claiming credit on sales made before July 1 this year is causing a lot of worries for India Inc as the filing deadline for the first month of tax returns under GST comes up this week. Many companies don't know whether the government will rectify this problem by Friday, the deadline for filing returns, and are following different options for resolving the quandary.
  • 18% will be charged on food takeaway from non-AC area at AC restaurants, clarifies govt
    Aug 14, 2017
    A uniform GST (Goods and Services Tax) rate of 18 percent will be charged on takeaways as well as food served from a non-AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government has said. The new GST regime, which was rolled out from 1 July, provides for levy of 12 percent on food bill in non-AC restaurants. The tax rate for AC restaurants and those with liquor licence will be 18 percent while 5-star hotels will charge 28 percent GST.The Central Board of Excise and Customs (CBEC) has clarified through an FAQ on the GST rates that will be levied by restaurant-cum-bars where the first floor area is air- conditioned and used for serving food and liquor while the ground floor only serves food and non-AC.
  • GST slabs rationalisation to depend on revenue buoyancy: Arjun Ram Meghwal
    Aug 14, 2017
    Rationalisation of tax slabs under the newly-introduced Goods and Services Tax (GST) would depend on the rise in revenue collection in the days to come, MoS for finance and corporate affairs Arjun Ram Meghwal said on Saturday. Presently, there are five tax slabs, including exempted category, at 0, 5, 12, 18 and 28%. He said the Centre has deployed 30 Union ministers and 180 IAS officers to study the impact of GST across the country.Meghwal said while in pre-GST time, only 80 lakh dealers were registered, another 13.2 lakh had been added post its introduction, of which 56,000 are from West Bengal alone, the highest among the country.
  • Seven 'hidden benefits' of GST, according to Economic Survey II
    Aug 12, 2017
    The second part of Economic Survey, which was tabled in Parliament today, has observed a rekindled optimism on structural reforms in the Indian economy. Drafted by Chief Economic Advisor Arvind Subramanian, the survey says optimism about the medium-term prospects for the Indian economy has been engendered by a number of structural reform actions and developments. Launch of the Goods and Services Tax (GST) contributes majorly to this optimism, it says. After narrating key benefits of GST such as furthering cooperative federalism, reducing corruption and leakage, simplifying complex tax structure and unifying tax rates across the country, and creating a common market, the survey goes on to list "hidden benefits" of GST.
  • 10 days to go; GSTN set for last minute rush on slow pace of returns filing
    Aug 10, 2017
    With barely 10 days left for goods and services tax (GST) assessees to file summarised interim returns, the GST Network (GSTN), the IT back end for the indirect tax regime, hasn’t yet started witnessing high-frequency traffic, indicating a possible last-minute rush. “We have just 16,000 returns till August 8 while there are 87 lakh businesses registered with us,” GSTN chairman Navin Kumar told FE on Wednesday. However, he added that the back end was equipped to handle even a last-minute rush. “Half of the people might come on the last day,” he said, attributing the low traffic on the portal so far to assessees’ behaviour pattern.
  • Biz can file returns, pay taxes for July on GSTN portal
    Aug 09, 2017
    Businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on the portal.“The window for filing GSTR–3B has opened on August 5 and is fully functional now. Taxpayers can log into their account at the GST Portal and file their GSTR–3B return any time. They can also make tax payment using internet banking at the portal,” Navin Kumar, GSTN Chairman, said.The GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) portal by filling up GSTR 3B form in which the taxpayer needs to provide consolidated details of outward supplies and input credit.
  • Government notifies timeline for filing of tax returns under GST
    Aug 09, 2017
    The government has notified the timeline for furnishing final tax returns for July and August under the Goods and Services Tax (GST) regime. The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, had in June allowed businesses extended timeline for filing final GST returns in forms GSTR-1, GSTR-2 and GSTR-3 for July and August. In the interim period, businesses have to file GSTR-3B which is a summary of self-assessed tax liabilities with consolidated details of outward supplies and input credit.
  • Levy hiked; now bigger cars to get bigger price tags
    Aug 08, 2017
    The post-goods and services tax (GST) cess on SUVs and other luxury cars is set to be hiked from 15% now to 25% or thereabouts, a move that could dent the businesses of automakers either through additional tax burden or reduced sales volumes. The impact will be felt more by Mahindra & Mahindra, Toyota Kirloskar Motor, Mercedes Benz and Skoda which have a larger share of big cars in their portfolios. The higher cess will also apply to race cars and and other vehicles carrying 10 or more persons. The stocks of M&M and Tata Motors fell 1.3% and 1.07%, respectively, on Monday. For the government, the move will yield a revenue windfall, much of the same magnitude as the Rs 5,000 crore extra it would rake in annually from the increase in specific (non-ad valorem) cess on cigarettes announced on July 17.
  • More food and daily use items to face lower level of GST
    Aug 08, 2017
    The Goods and Services Tax (GST) on a clutch of food and other daily-use items could be reduced by the GST Council as it meets in Hyderabad on September 9. The council’s fitment committee, after vet-ting several recommendations from industry and state governments, have identified these items for tax relief, official sources told FE.Additionally, the council may also bring amendments to thwart the practice of registered cereal brand owners de-registering the brands to avail zero GST benefit. The tax treatment of branded and unbranded grains under GST has created a curious situation where some of the leading companies in this business escape the tax while others pay a tax of 5%.
  • Dialysis, some other services cost more under GST, says Health Ministry
    Aug 08, 2017
    People may have to shell out more for availing of some of the healthcare services such as dialysis, pacemaker implantation, support devices in orthopaedics and cancer treatment due to levying of the GST, the Union Health Ministry has said. The GST cell of the Ministry has said this on its website in answer to one of the frequently asked questions on the Goods and Services Tax and its impact on the health sector. However, in reply to another question, the ministry has said that life-saving drugs, healthcare services, and medical devices would continue to be tax-free under the GST.
  • Customs, IGST collection nearly doubles to Rs 30,000-cr in July
    Aug 05, 2017
    The collections from customs duty and IGST from imports post implementation of Goods and Services Tax (GST) has almost doubled to Rs 30,000 crore in July, a senior government official said. The revenue collected include those on account of customs duty, Integrated-GST (IGST) from imports, Countervailing Duty (CVD), special addition duty (SAD) and cess collection on imported items.The July collections compare to indirect tax collection of over Rs 16,000 crore of the same month of 2016.
  • IGST a bitter pill for patients with rare disorders as medicines attract 5%-12%
    Aug 05, 2017
    Manoj Mangath from Kochi has imported vials of an expensive medicine for over five years to treat his 12-year-old son, who suffers from a rare genetic disorder known as Pompe. The disease would weaken his muscles to the point where he wouldn’t even be able to carry his school bag or climb stairs, but a dose of the drug every fortnight would keep its debilitating effects at bay. But he and hundreds of others living with a Lysosomal Storage Disorder (LSD) like him are in a fix because of the goods and services tax (GST) that was put in place on July 1— more specifically, the underlying principle that any exemptions would weaken the efficacy of one of India’s biggest indirect tax reforms ever. Medicines imported for personal use that were earlier exempt from customs duty, countervailing duty and special additional duty now attract GST. The government is charging 12% Integrated GST on most Enzyme Replacement Therapy (ERT) drugs used to treat seven types of LSDs, which means a steep payment on even free medicines because the sticker price is very high.
  • CBEC clarifies on GST rates for sweets
    Aug 04, 2017
    Sandesh, the famous sweet made from concentrated milk, will attract 5 per cent GST even when prepared with a chocolate layer, the Central Board of Excise and Customs clarified on Thursday. It added that any ingredient — khoya or mawa — prepared from concentrated milk will be taxed at 5 per cent.Similarly, it was clarified that ready-made garments will be taxed on the actual sale value and not on the MRP.
  • No GST on traditional Rakhi; 5% tax on gold, silver rakhis
    Aug 04, 2017
    Rakhi, the sacred thread that women tie on the wrist of their brothers on the day of Raksha Bandhan, will not attract the goods and services tax (GST) provided it's the traditional cotton thread. However, gold and silver rakhis will be taxed 5%. The finance ministry has said puja samagri, including holy red thread 'kalava', would attract nil GST. Thus, rakhi, which is in the form of kalava, would be exempted. Any other rakhi would be classified as per its constituent materials and attract GST accordingly, it said. Thus, rakhis made of gold and silver would face 5% GST.
  • High-sea sales to attract IGST only once, clarifies CBEC
    Aug 03, 2017
    High-sea sale transactions or imports will attract Integrated Goods and Services Tax (IGST) only once at the hands of last importer on the final price of the item, said the Central Board of Excise and Customs (CBEC).The clarity was need as it was impacting imports in many crucial sectors such as power and telecom.The GST Council has already decided that IGST on high-sea sale transactions of imported goods, whether one or multiple, shall be levied and collected only at the time of importation that is when the import declarations are filed before the Customs authorities for the customs clearance purposes for the first time,” said the CBEC, adding that the IGST would be levied on the final value of the product.However, the importer or the last buyer in the chain would be required to furnish the entire chain of documents such as original invoice, high-seas-sales-contract, details of service charges and commission paid to establish a link between the first contracted price of the goods and the last transaction, it added.
  • Businesses can start filing July returns on GSTN from August 5
    Aug 03, 2017
    The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today. Businesses can start filing their first GST returns and pay taxes for July on the portal of GST Network -- the IT infrastructure provider for the new indirect tax regime, beginning August 5, he told PTI here.To make compliance easy for businesses, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout.
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